Economy

Asian shares conquer new peaks, oil up on Iraq tensions

Asian shares conquer new peaks, oil up on Iraq tensions

Brent crude for December LCOZ7, +0.78% rose 33 cents, or 0.6%, to $58.21 a barrel-also on track for its highest finish since late September.

Major producers including OPEC members had past year chose to curb crude oil production to 18 lakh barrels per day in order to push the prices to approximately Rs 3900 per barrel.

Civilian workers at both fields were reportedly sent home following a build-up of Iraqi military forces around the sites.

Jeff Brown, president of consultancy Facts Global Energy (FGE), said at the Reuters Global Commodities Summit last week that one potential upside for oil prices would be the us imposing fresh sanctions on Iran.

During the previous round of sanctions against Iran, some 1 million barrels per day of oil was cut from global markets.

In any case, Kirkuk is not in the territorial zone of the autonomous Kurdish area, whose leaders recently won a referendum on national independence from Iraq.

Markets have now turned to the Iraqi government's claims on Tuesday to have taken control of two large oil fields in Kirkuk, following a peaceful retreat by Kurdish peshmerga fighters.

Oil tanker is seen at sunset anchored off the Fos-Lavera oil hub near Marseille, France, October 5, 2017.

More news: Why to Keeping Eye on Harley-Davidson, Inc. (HOG), CBS Corporation

Crude oil inventories matter for traders watching the supply-side pressures that pushed oil prices below $30 per barrel previous year fade away.

U.S. President Donald Trump on Friday refused to certify Iran's compliance over a nuclear deal, leaving Congress 60 days to decide on further action against Tehran.

"These issues (Iraq and Iran) remind us oil and geopolitics are very much inter-linked and it will remain so. oil security remains a critical issue for all the countries", Fatih Birol, the executive director of the International Energy Agency (IEA) told Reuters on Tuesday.

Because of a tightening market and rising risk, Bank of America Merrill Lynch said it was raising its oil price forecasts.

OPEC producers have struggled to maintain caps on their output quotas, and Iran has said it supports an extension of the current production cut deal to the end of next year.

Investors and analysts will be looking ahead to weekly inventory data from the U.S. Energy Information Administration, expected Wednesday afternoon. Both contracts traded up almost 1 percent and down over 1 percent during the day.

However, inventories of gasoline and diesel rose, the latter unexpectedly, reviving some concerns about elevated stockpiles during a time when demand for petroleum products declines.


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